PE hold periods have shrunk but fast acquisitions can lead to botched integrations
Buyout multiples are likely to stay high – but moving fast and specialising can help firms make money

DWS backs away from planned ESG-style European CLO
DWS has dropped plans to launch a European CLO, sources say. It is unclear why DWS, the asset management arm of Deutsche Bank, has turned its attention elsewhere, but one source says that the capital-intensive nature of putting together risk retention-compliant deals likely weighed on the firm. 

BMO makes rare CLO appearance with mid market deal
Greensledge has helped BMO Asset Management price its first middle market CLO since 2015

KKR and FS Investments' BDC platform markets new issue CLO
KKR and FS Investments’ business development company, FS KKR Capital Corp, is marketing a new issue CLO via Citi named FS KKR MM CLO 1

Carlyle and PSP join forces for mid market CLO
Middle Market Credit Fund - a joint venture between Canadian pension fund PSP Investments and Carlyle Group - priced its second middle market CLO

Ares and GSO carry unitranches over €1 billion mark
Flush with cash, European direct lending managers have finally passed the milestone one billion unitranche mark this quarter

Mid market CLO round-up: eyes (wide) open as mid-market CLOs re-awaken
AB returned to the middle market CLO space this week after a year out to price ABPCI V. It is the second middle market CLO of the year after Fortress Investment Group refinanced Fortress Credit Opportunities VII. 

AB returns to CLOs by pricing 2019's first mid-market new issue
AB Private Credit Investors, the middle market credit arm of AB, has become the first manager to price a new issue CLO backed by mid-market loans in 2019

CLO manager base to boom as four debut managers plan first-quarter launch with JP Morgan top choice of arranger
The US CLO market welcomed four new managers in 2018, but this year the same number could be launching in just the first quarter

Loans have changed. Leverage and docs are different. So what does this mean for recoveries?
With Fed chiefs past and present signalling rising financial risk, managers need to check their metrics, writes our columnist and Churchill Asset Management's head of capital markets and origination 

Spanish bank prices €972 million SRT with triple As paying 31bp
Cajamar Caja Rural, based in southern Spain, has priced a €972.1 million significant risk transfer (SRT), according to market sources

Monroe prices second new issue mid-market CLO of 2018
Monroe Capital Partners has priced its second new issue middle market CLO of the year, according to market sources

Direct lenders flock to Munich as German deal flow picks up
German private debt is attracting a growing number of fund managers. Market sources say that deal flow through the first half of the year was at 65% of 2017’s total and had surpassed the number of private debt deals executed by funds in each of the previous five years

GSO debuts in mid market CLOs with Diamond CLO
GSO Capital Partners' Diamond CLO is for one year with the manager pricing a short-dated mid-market deal

Apollo's MidCap unit takes CLO AUM beyond $2.5 billion
MidCap Financial has taken its CLO AUM beyond $2.5 billion just 17 months after pricing its debut CLO in February 2017

Mid-market CLO league tables: volumes hit $6.7 billion in 2018
$6.7 billion of middle market CLO paper has priced so far in 2018, a 30.8% increased from the same period in 2017

Ivy Hill prices first billion-dollar mid market CLO of 2018
The Los Angeles-based firm issued its first new middle-market CLO in almost 12 months on Friday

Mid market CLO round-up: Antares leads the way as triple As price at 125bp
Although US mid-market CLOs had a slow start to the year, the last two weeks have seen heightened activity in this sector with established players such as Antares Capital, Cerberus Capital Management, Fortress Investments and Midcap Financial pricing new CLOs

Wells Fargo prices three CLO transactions in a single day
Wells Fargo priced three CLO transactions on Thursday, totalling $1.47 billion issuance, according to market sources

2.0 mid market spreads jump tighter following refi of 2014 Golub CLO
A Chicago-based middle market CLO manager has priced its triple A notes at 95bp following a refi

Mid market specialist prepares first new issue CLO since September 2016
A manager has teamed up with Natixis to price the second CLO of the year backed by a portfolio of middle-market loans

Monroe's new CLO suggests increasing demand for mid market deals
The basis between middle market CLOs and CLOs backed by broadly syndicated loans is (slowly) shrinking

Golub mid-market CLO more than doubles in size to $750 million following reset
GreensLedge has reset a Golub Capital-managed middle-market CLO and along the way it has made substantial changes to the deal

Golub becomes CLO manager with most mid-market issuance for 2017
Golub has priced its fourth middle-market CLO transaction of the year, teaming up with Wells Fargo to arrange a reset of a 2014-vintage deal

Mid-market CLO issuance crosses $10 billion as Madison prices reset
Madison Capital Funding priced a reset of a 2014 middle-market CLO this week, according to market sources